Lafarge Wapco Cement issues N50 billion bond

Lafarge Cement Wapco, the Nigerian unit of the world's biggest cement maker Lafarge , plans to issue a 50 billion naira ($318 million) bond to refinance loans it took to construct a factory aimed at doubling it capacity.

Finance director Fred Amobi said on Wednesday it was targeting a yield of 10-11 percent for the planned three-year bond and it would issue the paper through a book-building process which will end on Sept. 27.

He said the plan was to list the bonds on the Nigerian Stock Exchange on Oct. 3. "It is a 50 billion naira bond (but) we will take a minimum of 20 billion naira.

We are looking at a maximum benchmark price of 11 percent and that will determine how much we are going to take. If the pricing is within our expectation then we will take more," Amobi told Reuters in an interview.